New Mexico Insurance Guide

New Mexico is a place for exploration. Their historic sites include ghost towns, mining sites, volcanoes, archeological discovery sites, ice caves and more. But the New Mexico insurance regulators have left little exploration when it comes to their well-defined insurance regulations.

New Mexico Auto Insurance

The at-fault state of New Mexico may not require uninsured motorist coverage or personal injury protection (PIP) but New Mexico auto insurance regulations do require drivers to carry both bodily injury liability and property damage liability coverage. The minimum coverage is $25,000 for a single-person injury, $50,000 for a multiple-person injury and $10,000 for property damage liability.

New Mexico Health Insurance

If you need health insurance and you are uninsurable, you will be happy to know that there is a high-risk pool in New Mexico. This is especially good because New Mexico health insurance regulations do not require insurers to issue policies in the individual market that cover pre-existing conditions. In addition, New Mexico allows the deduction of health savings account (HSA) contributions from state income taxes.

Small groups in New Mexico consist of 2-50 people, but if a one-person business needs insurance coverage for the owner of the business and at least one dependent, the state insurance alliance guarantees its issue. Pre-existing conditions can be excluded from group policies if any insured has had a 63 day or longer break in coverage over the past 6 months. The condition can only be excluded for up to 6 months. Group rates in the state are restricted by rate bands.

New Mexico Home Insurance

New Mexico home insurance regulations may not require coverage, but homeowners in the state should strongly consider having it anyway because of the risk of both hurricanes and wildfires. In addition, individual lenders may require it of those with outstanding mortgages and loans.

New Mexico Life Insurance

The New Mexico Life Insurance Guaranty Association (created in 1978) was formed to ensure that New Mexico life insurance policyholders had something to fall back on should their insurer become insolvent and leave their claims unpaid. The association covers up to $300,000 in death benefits and $100,000 in cash values.